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Second Fiscal Period Financial Results (Ended November 2007) Basic Principle

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Second Fiscal Period Financial Results (Ended November 2007) Basic Principle Second Fiscal Period Financial Results (ended November 2007) Basic Principle The Fund will adhere to the following basic principles in order to execute fund management in accordance with solid investment policies for investment in residential properties: The Fund will aim to secure stable mid-to-long-term earnings through the strategic selection of investment properties and expert asset management based on sufficient understanding of “tenancy demands” Strategy reflecting the characteristics of residential rental property investments and trends in residential property markets. The Fund will create stable portfolio with consideration to rental levels, investment area, building age and Acquisition types of properties, through continuous acquisition of “PROUD FLAT” from Nomura Real Estate Group and “PRIME URBAN” and “URBAN STAGE” properties from other sources, utilizing our sourcing expertise. To maximize long-term profitability and asset value of investment properties, the Fund will select the “optimal property management company corresponding to the characteristics of the property,” and at the Asset Management same time, implement flexible and organized leasing and renewal strategies corresponding to tenant turnovers, aging of the portfolio, and expansion of portfolio assets. The Fund will establish a strong financial base such as “conservative LTV ratio,” ”appropriate control of Finance duration and fixed interest rates,” and “diversification of financial institutions,” in order to manage the Fund in a stable manner, with minimum impact from the financial market conditions. The Fund will implement fair and transparent management through prevention of conflict of interests and Compliance enforcement of compliance, to maintain our position as a “REIT committed to meeting the trust and expectations of the investors.” Contents Highlights of the Second Fiscal Period (ended Nov. 30, 2007) Fund Management Results of the Second Fiscal Period Highlights of the Second Fiscal Period 2 Results of Investment (1) Acquisition from Nomura Real Estate Development 15 - 17 (2) Acquisition from External Providers 18 - 25 Fund Management Summary Status of Portfolio 26 Investment Strategy Results of Asset Management (1) Investing in Properties Expected to have Stable Demand 4 (1) Portfolio Occupancy Rate 27 (2) Utilize Diverse Sourcing Routes 5 (2) Renovations 28 Investment Results Results of Financing 29 (1) Results of Acquisition Activities after Listing 6 (2) Results of Portfolio Growth 7 Policies to Secure Stable Cash Flow 8 APPENDIX Credit Ratings and Additional Issue of Investment Units 9 Portfolio (as of the end of the 2nd Fiscal Period) Scheduled Acquisitions after the 2nd Fiscal Period Overview of the Second Fiscal Period Financial Results Interest-bearing Debts (at the end of the 2nd Fiscal Period) Income Statement 11 Unitholders (at the end of the 2nd Fiscal Period) Balance Sheet 12 Organization of the Asset Management Company 3rd and 4th FP Forecast (announced Jan. 21, 2008) 13 Focus on Compliance Highlights of the Second Fiscal Period 1 Highlights of the Second Fiscal Period Notable Activities Property Acquisition Asset Management Finance Concluded Agreements: Promote “integrated operational management” Secured the highest credit ranking among J-REITs in 21 Properties/¥21,366 million through cooperation with the “optimal property July 2007 from 3 rating agencies management company for each property” ⇒ Portfolio including scheduled acquisitions Promote diversification of lenders 123 Properties/¥100,281million Secured a high level portfolio occupancy rate (added 2 new institutions) exceeding 95% throughout the 2nd Fiscal Period Concluded Acquisitions: Promote conservative financial strategies (95.8% at the end of the 2nd Fiscal Period) 8 Properties/¥8,385 million (long-term/fixed-rates ratio, duration, etc.) (includes the 2 scheduled acquisitions from the 1st Fiscal Period) Looking ahead to busy leasing periods and execute various building renovations ⇒ Portfolio of acquired properties 97 Properties/¥75,420 million Financial Overview Second Fiscal Period Comparison with Forecasts (ended November 2007) (released July 17, 2007) Number of Business Days 183 days － － Operating Revenues ¥2,484 million + ¥81 million + 3.4 ％ Current Profits ¥954 million + ¥36 million + 4.0 ％ Net Income ¥953 million + ¥36 million + 4.0 ％ Cash Distribution Per Unit ¥14,005 + ¥542 + 4.0 ％ 2 Fund Management Summary 3 Investment Strategy (1) Investing in Properties Expected to have Stable Demand Establish Targets Directed at “Rental Demand with a Broad Tenant Class” Core Elements for Property Selection Focus Tenant Class Other Tenant Classes ■ Broad tenant demand Middle class tenants, centering on Upper middle class tenants, such as Upper class tenants, such as students and coporate employees in foreign company employees. companies with rent Target their 20s and 30s. subsidization systems, business owners, management class emplayees of foreign Rent Level Appropriate rent level for target tenants Priority on certain level of convenience Priority on location, floor plan, and Priority on prime metropolitan for commuting and rent. specifications/equipments. location, property grade and value-added services. Features Annual income (disposable) is stable. Annual income (disposable) is relatively × Less likely to be affected by economic stable. Relatively less likely to be Annual income (disposable) is trends. affected by economic trends. likely to be affected by economic trends. Railway lines that are well-known, Significantly affected by seasonal Effect of seasonal factors is relatively Demand is limited, and Access railway lines with direct connections factors, such as the concentration of small compared to the middle class. vacancy tends to be longer. to large-scale transfer stations termination and execution of rental Turn-Over agreements in March, when corporate emplayees enter/get transferred and × students enter/ graduate. (Generally) (Generally) (Generally) Rent Target tenant’s travel time to their less than ￥100,000/month ￥100,000-￥150,000/month over ￥150,000/month Commuting Time place of work/school ■ Key points for early lease-up (acquisition of newly developed properties) Number of units that allow a lease-up Property Size within a short time-frame (Up to approximately 100 units*) * Excluding sub-lease properties, etc. (Note) The section circled in the graph above indicates the Fund’s main target tenant class. The Fund will consider investment in properties targeting other tenant classes, if it is deemed to have stable demands from the market characteristics and location viewpoints. 4 Investment Strategy (2) Utilize Diverse Sourcing Routes Diverse Sourcing Routes for Each Brand PROUD FLAT PRIME URBAN URBAN STAGE Brand Properties planned/developed by Properties planned/developed by Properties planned/developed by companies other than companies other than Nomura Real Estate Development Nomura Real Estate Development Nomura Real Estate Development <Age of Building: Approx. 1 year or less> <Age of Building: Approx. 1 year or less> <Age of Building: Approx. 1 year or more> Strategic Cooperation with Nomura Real Estate Development The strategic cooperation with Nomura Real Utilization of Networks with Providers Estate Development and undertaking the Utilization of Nomura Real Estate Group Information Networks Acquisition development and acquisition of PROUD Strategy FLAT condominiums making full use of its Proactively utilizing the network with providers built through the management of a private housing related know-how, such as land fund spanning more than 5 years and the Fund’s management extending over 1 year. acquisition, product planning, management, Additionally, seek to collect timely information on properties for sale by utilizing the etc., plays a pivotal role in the Fund’s growth expansive brokerage network held by Nomura Real Estate Group. strategy and will be utilizing the expansive brokerage network held by Nomura Real Estate Group. Utilize “diverse sourcing routes” to its full extent, in order seek stable acquisition of prime assets 5 Investment Performance (1) Results of Acquisition Activities after Listing Stable Acquisition Performance in All Brands (millions of yen) PROUD FLAT PRIME URBAN URBAN STAGE Other Property Name Price Property Name Price Property Name Price Property Name Price PROUD FLAT Yokohama * 2,340 PRIME URBAN Miyanosawa 576 Benefis Hakata Grand Sweet 830 PRIME URBAN Maruyama 283 Benefis Yakuin Minami 351 PRIME URBAN Kanayama * 632 1st Fiscal Period PRIME URBAN Senzoku 536 (After listing) PRIME URBAN Kita Jyuichi Jo 600 PRIME URBAN Odori Higashi 424 13 Properties PRIME URBAN Chiji Kokan 337 9,334 million PRIME URBAN Kita Nijuyo Jo * 503 PRIME URBAN Sapporo Idaimae 731 PRIME URBAN Tsurumai* 1,189 1 Property 2,340 10 Properties 5,813 ー ー 2 Properties 1,181 PROUD FLAT Shibuya Sakuragaoka * 800 PRIME URBAN Denenchofu Minami * 900 URBAN STAGE Musashi Kosugi comodo 2,150 Benefis Kashii Verbena 396 PROUD FLAT Shinjuku Kawadacho * 1,010 PRIME URBAN Meguro Ohashi Hills * 3,580 URBAN STAGE Gyotoku Ekimae 561 Benefis Hakata Higashi Grand Sweet 693 PROUD FLAT Shinotsuka 695 PRIME URBAN Meguro Riverside 464 URBAN STAGE Minami Gyotoku V 293 Benefis Chihaya Grand Sweet 545 PROUD FLAT Monzen Nakacho II * 650 PRIME URBAN Nishi Waseda 503 URBAN STAGE Gyotoku 948 2nd Fiscal Period PROUD FLAT Shirogane Takanawa * 3,510 PRIME URBAN Nakano Kamitakada * 640 PROUD FLAT Monzen Nakacho I * 1,130 PRIME URBAN Minami Karasuyama 840
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